Do you wonder why the market’s hotter than the Red Hot Chili Peppers? And no, it’s not because rock is losing its grip on the youth (sorry, grandma). Experts have compiled a list of the top three reasons the market is on fire. And you know we’re here to share it with you.
- Low Mortgage Rates
Low rates are one of the big motivating factors drawing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record low territory. When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home.
- Home Price Appreciation
One of the key drivers of home price appreciation is historically low inventory. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale. It’s the classic supply and demand scenario, and it’s forcing home prices to sail through the roof.
- Increasing Affordability
Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you’re feeling the space crunch, it may be time to reconsider your current house.
What You Need to Know
This year has been quite a year for real estate – perhaps one we may never see again. At least in the next few decades. Reach out to a local real estate professional today if you’re ready to take advantage of this year’s record-breaking opportunities.